News - Blina Minerals cops ASX speeding ticket

Blina Minerals (ASX: BDI) has received a price and volume query from the ASX today over a 100% jump in its share price to an intra-day high of A$0.006 today, up from $0.003 yesterday.

Around 143.9 million shares had changed hands by mid-afternoon today.

Blina told the ASX it was not aware of any material information that had not been disclosed to the market, which may explain the sudden investor interest.

Late last year the company reached an agreement with Golden Rim Resources (ASX: GMR) to earn up to a 70% interest in four gold tenements, collectively the Diapaga project, in Burkina Faso –proximal to Orbis Gold’s (ASX: OBS) Boungou Gold Discovery.

The tenements – known as Bagari, Gounda, Anyaga and Kountiagou – cover 960 square kilometres and lie on the northeast-trending Diapaga Birimian greenstone belt.

They are bisected by a series of major and complex shear structures running into Niger and connected at the major Markoyo Fault system.

The Markoyo Fault system hosts a number of large gold deposits in Burkina Faso, including the 1.7 million ounce Taparko, the 2.7 million ounce Kiala, 5.3 million ounce Essakane and 5.1 million ounce Bombore.

Due to its remoteness, the Diapaga Birimian greenstone belt is one of the most under explored greenstone sequences in Burkina Faso and has received no significant modern exploration.

The Diapaga project is highly prospective for disseminated infusion-hosted gold deposits, similar to Golden Rim Resources’ Balogo Project, and shear-hosted gold deposits.

Detailed aeromagnetics has identified a major shear structure, 37 kilometres by 11 kilometres, bisecting the project area.

Blina can earn an initial 51% interest in the project by spending US$2 million in 30 months.

The company can then increase its interest by a further 19% by spending an additional $1.5 million over two years.

Blina had around A$1.1 million in cash at the end of the December 2012 quarter.


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